- Lowest reading since April 2020
- Prior was +2.8% (revised to +2.3%)
Details:
- Factory orders ex-transportation for October -1.2% versus +0.8% last month (revised to +0.4%)
- Durable goods order revised -5.4% versus -5.4% preliminary and +4.0% prior month
- Durable goods ex-defense -6.7% versus -6.7% preliminary. Last month +5.0%
- Nondefense capital ex-air -0.3% versus -0.1% preliminary. Last month -0.2%
- Durable goods ex transportation 0.0% vs 0.0% preliminary. Last +0.2%
These numbers can be skewed by large one-off orders and in this case, the auto strike was a big drag. It will bounce back in November and December.